1. Determine Needs
The first step is to consult with all the family members involved and determine each generation's needs regarding space, privacy, and infrastructure.
Intergenerational Homes for Sale in Quebec: Complete Guide
An intergenerational home for sale, also called an intergenerational or bigenerational home, is designed to accommodate two generations under the same roof while offering distinct living spaces.
This housing arrangement is gaining popularity in Quebec, particularly in Montérégie and on the South Shore of Montreal, due to its many advantages for the family and the economy. It allows seniors to remain comfortably in their homes as long as possible.
For younger people, it’s a way to more easily access homeownership by obtaining financial support from their parents or grandparents.
What is a multigenerational home ?
A multigenerational home is a single family home that appears to be a single unit but includes an additional dwelling unit. This means:
- A single address, property tax bill, and a main entrance at the front.
- However, the second dwelling unit has a separate entrance, usually on the side. It can be located in the basement, upstairs, or attached to the primary residence on the same level.
- The dwelling units have their own living space. Each unit has its kitchen, bathroom, living room, and bedroom.
- The two dwellings can connect internally.
Why choose an intergenerational home for sale ?
Strengthen family ties
Living in an intergenerational home is more than just a housing arrangement. It's a way to strengthen family ties, foster shared values, and create a deep sense of belonging between parents and children and grandparents and grandchildren.
Save money
Buying an intergenerational home for sale is a smart financial move. It allows you to save on your mortgage, municipal and school taxes, heating costs, etc. For retirees, it's often a less expensive option than a residential home, and for young families, it's an affordable way to get on the property ladder.
Improved quality of life
Living in an intergenerational home is a practical solution for young families. It allows elderly or frail people to benefit from a secure environment and extend their stay at home thanks to daily support. It also provides young families a reliable childcare solution, helping them achieve a better work-life balance.
Points to consider when selling an intergenerational home
Municipal regulations
- Regulations vary from one municipality to another. It is essential to check whether intergenerational dwellings are permitted.
- Furthermore, if the parents pass away and you decide to convert the home into rental accommodation, you must ensure that the municipality and planning regulations allow it.
Tax Impact
Understanding the Tax Implications of Intergenerational Homes you must determine from the outset who will own the intergenerational home for sale, as this will have a tax impact at the time of purchase. For example, if the parents occupied 30% of the living space in the house for sale, this portion will not be considered a primary residence and will be taxable. It’s important to consult with a tax professional to fully understand the implications.
Intergenerational Homes for Sale in Quebec
Regions and localities where intergenerational homes are most common.
| Region | Locations |
|---|---|
| Montérégie and South Shore of Montreal |
|
| Laval and North Shore |
|
| Other popular regions |
|
Here are the essential steps if you decide to convert an existing single-family home into a multigenerational home:
2. Review Municipal Regulations
Each city has its requirements; checking with your local planning department is essential.
3. Planning and Design
It is advisable to consult an architect for optimal planning of your current and future needs. Furthermore, an architect is fully conversant with planning regulations.
An architect will also explore several options with you. For example, is it more advantageous, in terms of costs and results, to convert a garage or add an extension?
4. Renovation Costs and Financing
Converting a single-family home into an intergenerational home can be expensive. It generally requires adding a kitchen, bathroom, separate entrance, etc.
Exploring financing options becomes even more critical. On October 8, 2024, the government announced new measures to stimulate the creation of intergenerational homes.
Single-family homeowners can refinance their mortgage up to 90% of the value of their house while amortizing their loan over 30 years.
5. Managing Cohabitation
To ensure harmonious cohabitation, it is essential to clearly define living rules and openly discuss all aspects of managing shared tasks and financial responsibilities.
Find Your Ideal Intergenerational Home
Whether you’re looking for a bi-generation home for sale in Laval, Montérégie, or on the South Shore, I can help you find the one that suits your family.
An intergenerational home allows you to live close to your loved ones while maintaining your privacy.
Take action with a plan that fits your needs!
Frequently Asked Questions
What are the advantages of an intergenerational home in Quebec?
An intergenerational home has several advantages, which explains the increase in the number of families purchasing one in recent years. Intergenerational homes meet a need related to the aging population but also make homeownership more affordable. By accommodating multiple generations under the same roof, they allow seniors to age in place and young families to have their parents nearby.
What is a bigenerational home?
A bigenerational home has a single address but two separate dwellings, which a family will share with their parents or grandparents.
What are the disadvantages of an intergenerational home?
The disadvantages of an intergenerational home, if any, are the need for clearly defined living rules and the sharing of expenses. We share everything, even with two separate accommodations, and we could even share the central rooms.